Belding India Limited (SYNTHFO.BO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-79.9%

₹158.83

vs ₹789.00 price

Levered DCF

₹278.88

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-146.96×	169.78×	100.38×	181×	15.51×	11.16×	11.28×	8.07×
P/B	0.5×	6.43×	3.63×	10.31×	2.53×	1.8×	2.41×	1.82×
P/S	18,624.04×	1.9×	0.85×	2.33×	0.48×	0.33×	0.33×	0.23×
EV / EBITDA	-552.98×	72.95×	27.21×	90.67×	9.44×	9.26×	12.28×	9.2×
Gross margin	100.0%	8.3%	6.0%	5.2%	14.2%	13.1%	11.0%	7.9%
Operating margin	-10308.2%	1.9%	2.4%	1.7%	5.0%	2.5%	2.9%	3.4%
Net margin	-12672.5%	1.1%	0.8%	0.6%	3.1%	1.5%	1.5%	1.4%
Current ratio	4.14×	11.8×	4.41×	2.1×	1.79×	1.77×	1.41×	1.45×
Debt / equity	0.04×	0×	0.29×	0.73×	0.75×	1×	0.97×	1.2×
Interest coverage	-2.24×	5×	1.49×	1.61×	3.42×	1.26×	1.68×	1.58×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-0.3%	3.8%	3.6%	2.9%	16.3%	8.1%	10.7%	11.3%
Return on invested capital	1.0%	4.6%	5.5%	3.0%	11.0%	5.1%	7.8%	8.5%
Return on assets	-0.3%	3.4%	2.8%	1.6%	7.7%	3.4%	4.1%	4.0%
Free cash flow yield	-4.5%	5.8%	9.0%	-0.4%	1.3%	-9.0%	3.2%	-10.0%
Earnings yield	-0.7%	0.6%	1.0%	0.3%	6.4%	4.5%	4.4%	6.2%
Enterprise value	₹4.3B	₹395.5M	₹235.7M	₹640.2M	₹182.8M	₹127.3M	₹141.6M	₹111.3M
Net debt / EBITDA	113.78×	-1.3×	1.98×	5.92×	2.08×	3.07×	3.23×	3.38×
Cash conversion cycle (days)	44,842	91	90	125	118	117	79	88